ANTX
AN2 Therapeutics, Inc.Healthcare·Biotechnology
$4.33
$119M market cap
Revenue
$0.0M
Free Cash Flow
$-17.3M
Rev Growth
+0.0%
FCF Margin
0.0%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
AN2 Therapeutics, Inc., a clinical-stage biopharmaceutical company, focuses on developing treatments for rare, chronic, and serious infectious diseases. It is developing epetraborole, a once-daily oral treatment for patients with chronic non-tuberculous mycobacterial lung disease. The company was incorporated in 2017 and is headquartered in Menlo Park, California.
2-Year Price History
$4.85+138.9%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 0.0 | -10.0 | -10.6 | -10.0 | -12.1 | -12.1 | -0.0 | 85.3 | 0.0 | 34.1 | -92.4% | -- | -- |
| Act | 2025-Q4 | 0.0 | -10.0 | -9.3 | -8.7 | -5.2 | -5.2 | -0.0 | 58.0 | 0.0 | 30.2 | -216.1% | -- | -- |
Valuation & Metrics
Market Stats
Price$4.33
Market Cap$119M
Enterprise Value$33M
P/S Ratio0.0x
P/FCF--
EV/FCF--
FCF Margin (TTM)0.0%
FCF Yield-14.6%
Dividend Yield (TTM)60.6%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$0.0M
Net Income$-18.7M
Free Cash Flow$-17.3M
Revenue Growth (YoY)+0.0%
EBITDA Margin0.0%
Net Margin0.0%
FCF Margin0.0%
CapEx % of Revenue0.0%
SBC % of Revenue0.0%
ROIC-154.3%
WC Change % Rev0.0%
Interest Coverage--
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.9M
Days to Cover3.3
Change (vs Prior)+38.7%
Need at least 2 settlement dates for chart
Employees
Headcount22
Revenue / Employee$0
Gross Profit / Employee$0
Cash Runway
59.1months
WATCH
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
51.1%(+38.0% YoY)
43 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
5.0%(+3.2% YoY)
7 filers
Vanguard, iShares, SPDR
Market makers
0.8%(+0.8% YoY)
2 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| Vivo Capital, LLC | $10.8M | $3.42 | +$10.8M | +$10.8M | -7.0% | $1.20B |
| Commodore Capital LP | $8.0M | $3.42 | +$8.0M | +$8.0M | -0.1% | $1.73B |
| MILLENNIUM MANAGEMENT LLC | $7.6M | $3.27 | +$7.3M | +$7.4M | -0.5% | $127.40B |
| Spruce Street Capital LP | $5.6M | $3.42 | +$5.7M | +$5.6M | +52.9% | $416M |
| Almitas Capital LLC | $5.1M | $1.35 | +$0 | +$568K | +2.6% | $442M |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $3.5M | $3.42 | +$3.5M | +$3.5M | — | $4.04T |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $3.4M | $9.73 | +$0 | +$0 | -0.1% | $64.61B |
| Woodline Partners LP | $3.4M | $3.53 | +$2.9M | +$3.4M | -0.1% | $26.43B |
| Boxer Capital Management, LLC | $2.6M | $3.42 | +$2.6M | +$2.6M | +19.7% | $762M |
| Stonepine Capital Management, LLC | $2.4M | $1.45 | +$295K | +$2.4M | -6.0% | $113M |
| AMERIPRISE FINANCIAL INC | $2.4M | $3.42 | +$2.4M | +$2.4M | -0.1% | $430.96B |
| Sio Capital Management, LLC | $2.2M | $3.42 | +$2.2M | +$2.2M | -1.2% | $694M |
| Ally Bridge Group (NY) LLC | $1.8M | $3.42 | +$1.8M | +$1.8M | -4.8% | $101M |
| Prosight Management, LP | $1.8M | $3.42 | +$1.8M | +$1.8M | -16.0% | $610M |
| BANK OF NOVA SCOTIA | $1.6M | $1.38 | +$0 | +$0 | -0.1% | $56.56B |
| BANK OF AMERICA CORP /DE/ | $1.3M | $2.98 | +$29K | +$28K | -0.1% | $1.36T |
| BlackRock, Inc.Passive | $1.1M | $1.07 | −$16K | +$62K | -0.2% | $5.69T |
| JANE STREET GROUP, LLCMM | $1.0M | $6.36 | +$977K | +$976K | -0.1% | $92.10B |
| LANDSCAPE CAPITAL MANAGEMENT, L.L.C. | $1.0M | $1.06 | −$457K | +$1.0M | +1.9% | $1.57B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $981K | $10.27 | +$119K | +$112K | +2.3% | $1.61T |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BULLISH
Holders
+3.85%
avg per quarter
Holders (ex-self)
+3.78%
excl. this stock
Buyers (this Q)
+4.79%
34 buyers · $0.06B in
Sellers (this Q)
+3.04%
11 sellers · $-0.00B out
alpha coverage: 95% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-19.0%
how holders react when this stock falls
On quiet Qs
-24.6%
−10% to +10% baseline
On rallies (+10%+)
+9.1%
how they react when this stock rises
Holders' portfolio flow this Q
-5.4%
outflows — trims may be forced
Sellers' portfolio flow this Q
+4.4%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
+1.4%
Holder mid (any stock)
-3.5%
Holder rally (any stock)
-9.0%
Biggest decreases this quarter
PFIZER INCexited−$815KBANK OF MONTREAL /CAN/−$554Kα-0.1RENAISSANCE TECHNOLOGIES LLC−$478Kα+1.2LANDSCAPE CAPITAL MANAGEMENT, L.L.C.−$457Kα+1.9TWO SIGMA INVESTMENTS, LPexited−$204KRangeley Capital, LLCexited−$74KSquarepoint Ops LLCexited−$70KSUSQUEHANNA INTERNATIONAL GROUP, LLPexited−$25KSchonfeld Strategic Advisors LLCexited−$16KBlackRock, Inc.−$16Kα-0.2
New buyers this quarter
Vivo Capital, LLC+$0.01Bα-7.0Commodore Capital LP+$0.01Bα-0.1Spruce Street Capital LP+$0.01Bα+52.9VANGUARD CAPITAL MANAGEMENT LLC+$0.00BBoxer Capital Management, LLC+$0.00Bα+19.7AMERIPRISE FINANCIAL INC+$0.00Bα-0.1Sio Capital Management, LLC+$0.00Bα-1.2Ally Bridge Group (NY) LLC+$0.00Bα-4.8Prosight Management, LP+$0.00Bα-16.0CANTOR FITZGERALD, L. P.+$0.00Bα-3.1
Top-5 holders · 49.5%
Vivo Capital, LLC--
Commodore Capital LP--
MILLENNIUM MANAGEMENT LLC--
Spruce Street Capital LP--
Almitas Capital LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
RA CAPITAL MANAGEMENT, L.P.—TCG Crossover Management, LLC—BVF INC/IL—CITADEL ADVISORS LLC155KFrazier Life Sciences Management, L.P.—JANUS HENDERSON GROUP PLC—Avidity Partners Management LP—ADAGE CAPITAL PARTNERS GP, L.L.C.1.0MOctagon Capital Advisors LP—DEERFIELD MANAGEMENT COMPANY, L.P. (SERIES C)—
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (1 analysts)$9.0010790.0%
Last Year (1 analysts)$9.0010790.0%
Current Price$4.33
Analyst Ratings
5
3
Buy: 5Hold: 3Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$21K
2 txns · 2 insiders · 18,610 sh
Sells ($, 12mo)
$54K
11 txns · 5 insiders · 53,285 sh
Major holders (≥10% beneficial owners)
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$3.09M
2 txns · 1 insider · 2,732,000 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-03-03 | SELL | Williams Sarah Joanne | officer: Principal Accounting Officer | 327 | $1.06 | $347 | $71K |
| 2026-01-06 | SELL | Chanda Sanjay | officer: Chief Development Officer | 5,956 | $1.01 | $6K | $77K |
| 2026-01-06 | SELL | Day Lucy | officer: Chief Financial Officer | 5,512 | $1.01 | $6K | $76K |
| 2026-01-06 | SELL | Eizen Joshua M | officer: See Remarks | 6,931 | $1.01 | $7K | $154K |
| 2026-01-06 | SELL | Prior Stephen David | officer: Chief Strategy Officer | 2,858 | $1.01 | $3K | $60K |
| 2026-01-05 | SELL | Chanda Sanjay | officer: Chief Development Officer | 3,295 | $1.00 | $3K | $82K |
| 2026-01-05 | SELL | Day Lucy | officer: Chief Financial Officer | 3,295 | $1.00 | $3K | $81K |
| 2026-01-05 | SELL | Eizen Joshua M | officer: See Remarks | 17,923 | $1.00 | $18K | $160K |
| 2026-01-05 | SELL | Prior Stephen David | officer: Chief Strategy Officer | 3,604 | $1.00 | $4K | $62K |
| 2025-11-04 | SELL | Eizen Joshua M | officer: See Remarks | 2,819 | $1.14 | $3K | $202K |
| 2025-11-04 | SELL | Prior Stephen David | officer: Chief Strategy Officer | 765 | $1.14 | $872 | $75K |
| 2025-06-02 | BUY | Easom Eric | director, officer: Chief Executive Officer | 10,000 | $1.07 | $11K | $273K |
| 2025-05-30 | SELL | Leonard Braden Michael | 10 percent owner | 432,000 | $1.01 | $436K | $3.25M |
| 2025-05-28 | BUY | FitzPatrick Margaret M | director | 8,610 | $1.18 | $10K | $10K |
| 2025-05-28 | SELL | Leonard Braden Michael | 10 percent owner | 2,300,000 | $1.15 | $2.65M | $3.48M |
Order Flow (FINRA, ~3w lag)
7.4%retail-25.2pp
55.4%dark+23.3pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
AN2 Therapeutics, Inc.: Boron Chemistry Meets a Funding Withdrawal and a Rapidly Approaching Patent Cliff
Overall Risk
7/10
Fraud
3/10
Dilution
8/10
Insolvency
6/10
Earnings Overstated
4/10
Hidden Liabilities
5/10
Legal
3/10
Audit Warnings
5/10
Hidden Upside
3/10
Contextually Acceptable
6/10